SCC committee discusses issues related to Sharjah’s economy and tourism
SHARJAH, UAE - The Financial, Economic and Industrial Affairs Committee of Sharjah Consultative Council (SCC) held a meeting to discuss...Business Economy Tourism
Saudi holdings of US Treasuries surge to $131.9b in December 2023
ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month,...Business Economy Markets
Twitter suspends account tracking Elon Musk’s plane
The account was in action briefly later in the day, after Twitter sent out word that it updated its policy...The account was in action briefly later in the day, after Twitter sent out word that it updated its policy to prohibit tweets
Tweets sharing a person's location that are "not same-day" are allowed under the tweaked policy
Europe united in dispute with US over green subsidies: Chancellor Scholz
Several EU leaders including Macron have said the US subsidies are enticing European companies to relocate to the United States.He added that EU partners had "long hoped for" decisive US steps to address climate change.
Washington's landmark Inflation Reduction Act contains around $370 billion in subsidies for green energy.
Dubai South, Evocargo to start trials for UAE’s first driverless vehicle
Dubai, UAE - Dubai South and Evocargo will launch UAE’s first autonomous vehicle trials for cargo at the master development’s...The trials will see EVO.1, Evocargo’s unmanned electric logistics vehicle, navigate Dubai South’s Logistics District from December until February 2023.
Perfecting electric and driverless truck technology for the region will help it further reduce its carbon footprint and reinforce the city’s green credentials.
AD Ports signs pacts with Kyrgyzstan to promote trade with Central Asia
Abu Dhabi, UAE--- AD Ports Group has signed two major agreements with the Government of Kyrgyzstan to promote trade and...Under the first pact, 300,000 sqm land within KEZAD will be secured to develop and operate a logistics hub and customs area.
Under the second agreement, Maqta Gateway will initiate a strategy for the Ministry of Finance for developing a customs and border management solutions.
Saudi fund launches program to assist real estate finance companies
Riyadh, Saudi Arabia---Saudi Arabia’s Real Estate Development Fund has launched a program to provide short and medium term financial facilities...The kingdom aims to raise the percentage of home ownership to 70 percent by 2030 under its Vision 2030 program.
The financing program is also aimed at stimulating the mortgage market in line with the requirements of the Saudi Refinancing Company.
ADNOC Drilling to acquire rigs
The two offshore jack-up rigs will be bought for $200 million.Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 95 to 108 owned rigs, as of 30th September, 2022.
This rig purchase adds to earlier deals for a total of nine rigs signed in 2022 and four rigs acquired in 2021.
UAE Jiu-Jitsu Federation to promote martial art in China
Abu Dhabi, UAE--The UAE Jiu-Jitsu Federation and China’s Generations Fund have signed an agreement to promote the culture of Jiu-Jitsu...The agreement allows both parties to utilize Jiu-Jitsu in accelerating sporting cooperation between the UAE and China
It will also contribute to expanding Jiu-Jitsu fan base in the People's Republic of China, specially among young people
Inflation shoots up in Jordan to 4.22% in November
Amman, Jordan-- Jordan's inflation shot up 4.22%, reaching to 106.68 points during the period from January to the end of...The Department of Statistics noted that the overall consumer price index for November this year rose by 4.99%, reaching 108.19 points
The American credit ratings giant Fitch Solutions said in May that it predicts inflation to rise to 3.6% this year
Sudan inks US$6bn UAE deal for new Red Sea port
Sudan signed an initial US$6 billion deal led by United Arab Emirates' AD Ports Group and Invictus Investment to build...The Abu Amama port, to be built north of the existing key hub of Port Sudan, will include an industrial zone.
The signing came a week after Sudan's military and civilian leaders inked an initial accord aimed at ending the crisis since last year's military coup.
EU eyes all acceptable energy price cap as winter arrives
Several EU countries, including France, Poland and Spain, want a price cap lower than the one proposed by the European...The continent has entered a bitingly cold winter with fewer energy options because Russia has reduced gas supplies in retaliation for EU sanctions.
Gas prices are high, albeit lower than during the middle of the year, spurring worries that European homes and businesses could face blackouts.
